After Ken Lewis’ departure, next Bank of America CEO must make Merrill deal pay offNEW YORK — Ken Lewis’ legacy as CEO of Bank of America Corp. will likely be determined by whether his successor can do what Lewis couldn’t: prove that the bank’s messy acquisition of Merrill Lynch & Co. was worth the money. Fed Reserve Chairman Bernanke says regulators should prevent the next ‘too big to fail’ firmWASHINGTON — Federal Reserve Chairman Ben Bernanke says federal regulators should be responsible for ensuring that the financial institutions they oversee don’t become so big and unwieldy that their failure could bring down the economy. Poor manufacturing report upsets stock rally; Market still posts best quarter in 11 yearsNEW YORK — The stock market had a fitting end to a stellar but erratic third quarter as investors still ambivalent about the economy shuttled between bouts of buying and selling. A look at the health care bill taking shape in the Senate Finance CommitteeThe Senate Finance Committee pushed ahead Wednesday on a comprehensive health care bill. The panel hopes to finish the legislation by week’s end. It then will be combined with a bill approved by the Senate Health, Education, Labor and Pensions Committee this past summer. Some highlights: Bank of America CEO Ken Lewis to retire from troubled bank by end of the yearNEW YORK — Ken Lewis, the embattled CEO of Bank of America Corp., is leaving the company, succumbing to nearly a year of strife that followed his company’s acquisition of Merrill Lynch & Co. Treasury says 2 investment firms have raised minimum amounts needed for toxic asset programWASHINGTON — The Treasury Department said Wednesday that two large investment funds have raised the minimum amounts needed to begin purchasing toxic assets from banks, finally launching this part of the government’s financial rescue effort. Meltdown 101: Why do we have so many different bank regulators, and what do they do?WASHINGTON — The financial crisis has renewed the focus on bank regulation. Critics contend the patchwork system contributed to the crisis by allowing some banks to slip through the cracks and others to seek weaker oversight. Bankrate: ATM fees for non-customers rose 12.6 percent this year to $2.22NEW YORK — Can’t find an ATM from your bank nearby? Keep walking, unless you want to pay higher fees. Disappointing report on Midwestern manufacturing upsets stock market rally; Dow off 70NEW YORK — The stock market has ended a strong third quarter with trading that reflected investors’ mixed emotions about the economy. Key lawmaker proposes group liability for credit rating agencies to stem conflictsWASHINGTON — A key House lawmaker wants to make credit rating agencies — widely criticized for failing to give investors adequate warning of the risks in subprime mortgage securities that triggered the financial crisis — collectively liable for inaccuracies. FACT CHECK: Loose facts behind a Canadian hardship story told by Obama’s health plan opponentsWASHINGTON — Shona Holmes is the Harry and Louise of this year’s health care debate, only unlike the fictional folks who memorably trashed the Clinton-era health plan in advocacy ads 15 years ago, Holmes is real. Federal Reserve report says 1 in 3 loan applications denied in 2008; lenders raised standardsWASHINGTON — Nearly one in three borrowers who applied for a mortgage last year was denied as lenders kept their standards tight as the mortgage crisis accelerated, the government reported Wednesday. World Bank donates $74 million to help poor Zimbabwean farmersHARARE, Zimbabwe — The World Bank is donating $74 million to help poor farmers in Zimbabwe. Former Moody’s employees lay out misconduct claims as lawmakers aim at rating industryWASHINGTON — Two former Moody’s Investors Service employees detailed allegations of misconduct at the big ratings firm as lawmakers took aim at a credit rating industry they condemned as rife with conflicts of interest and needing reform. Moody’s executive says ex-analyst’s allegations of inflated ratings are groundlessWASHINGTON — The chief credit officer of Moody’s Investors Service told Congress Wednesday that a former analyst’s allegations of inflated ratings and conflicts of interest at the firm are groundless. European stocks rise, US expected higher after IMF reduces estimate for crisis-related lossesLONDON — European stocks rose and Wall Street was expected to open higher Wednesday as an upbeat report by the International Monetary Fund and a fall in Germany’s unemployment rate offset worries over weak U.S. consumer confidence. Asian markets were mixed. CIT Group shares plunge in premarket amid report lender is again on brink of bankruptcyNEW YORK — CIT Group Inc. shares plunged Wednesday as the commercial lender is reportedly trying to craft an exchange that would cut its debt and offer bondholders an equity stake in the company in a bid to avoid bankruptcy. IMF says losses from financial crisis have fallen by $600 bln to $3.4 trillion as shares riseISTANBUL, Turkey — Likely losses from the financial crisis in the three years to 2010 have been reduced by $600 billion to $3.4 trillion as the world economy grows faster than previously expected, the International Monetary Fund said Wednesday. Bank of America sells part of Columbia Management to Ameriprise Financial for as much as $1.2BNEW YORK — Bank of America Corp. said Wednesday it is selling the long-term asset management business of one of its units to Ameriprise Financial Inc. China orders crackdown on industrial overcapacity; steel, aluminum, cement targetedBEIJING — China announced sweeping curbs on surging investment in steelmaking, cement and other industries, warning that chaotic overexpansion was raising the danger of job losses and trouble for banks. Hartford Financial names former Bank of America executive Liam McGee as chairman and CEOHARTFORD, Conn. — Life insurer The Hartford Financial Services Group Inc. on Tuesday named Liam E. McGee, the former head of consumer banking at Bank of America, as its new chairman and CEO. Fisher: Fed will need to move quickly when time comes to boost rates, battle inflationWASHINGTON — To prevent inflation from taking off, the Federal Reserve will need to start boosting interest rates quickly and aggressively once the economy is back on firmer footing, a Fed official warned Tuesday. Officials: Fed will need to move quickly when time comes to boost rates, battle inflationWASHINGTON — To prevent inflation from taking off, the Federal Reserve will need to start boosting interest rates quickly and aggressively once the economy is back on firmer footing, Fed officials warned Tuesday. Hartford Financial names former Bank of America executive as CEOHARTFORD, Conn. — The Hartford Financial Services Group Inc. on Tuesday named Liam E. McGee, a former Bank of America executive, as its new chairman and CEO. Senate Finance Committee votes down creation of public insurance planWASHINGTON — The Senate Finance Committee has voted against creating a new government health insurance plan to compete with the private market. The 15-to-8 vote could forecast the fate of the public option in the Senate as a whole. The outcome was expected but still a defeat for liberals who view government-sponsored insurance for the middle class as a key component of President Barack Obama’s health care overhaul. FDIC likely will require banks to prepay $36 billion fees to replenish deposit insurance fundWASHINGTON — Looking to shore up the diminishing fund that insures bank deposits, the FDIC may take the unprecedented step of requiring banks to prepay three years’ worth of premiums: about $36 billion. SEC watchdog recommends new system for handling tips, other changes after Madoff failuresWASHINGTON — The watchdog of the Securities and Exchange Commission is recommending a new system for handling the thousands of tips and complaints the agency receives and other changes to prevent another breakdown like the one that allowed Bernard Madoff’s massive fraud to go undetected for years. Moderate Democrats draft proposal that would shield major banks from tighter state regulationWASHINGTON — Moderate House Democrats are drafting a proposal that would continue to shield big banks from potentially tougher state regulations of credit cards, mortgages and savings accounts. As Congress probes ratings agencies, allegations by 2nd former Moody’s employee come to lightWASHINGTON — A former employee of Moody’s Investors Service warned federal regulators in March about deficiencies in the credit rating agency’s monitoring of municipal bonds after being rebuffed by Moody’s executives, a document shows. Moody’s, other ratings agencies under pressure from regulators, making investors uneasyOMAHA, Neb. — The mounting regulatory pressure on Moody’s Investors Service and the other major credit rating agencies appears to be making investors nervous. |
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